An application that was present on Apple’s App Store ( app distribution service ) has reportedly stolen over $600,000 Bitcoin (BTC) from one iOS phone user.
Crypto-currency holder Phillipe Christodoulou fell victim to a scam app on the App Store, losing nearly all his life savings to a fake crypto wallet application, The Washington Post reports Tuesday.
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Christodoulou went on the App Store last month to search for a mobile Trezor app to check his Bitcoin balance via phone. Unaware that Trezor does not currently provide an iOS app, Christodoulou downloaded a doppelgänger Trezor application that boasted close to five stars, giving the impression that it was indeed an official app. After entering his seed phrase, Christodoulou said that his savings of 17.1 BTC were stolen.
Christodoulou said that Apple, which collects 15% to 30% commissions on sales, should be held responsible for this situation. “They betrayed the trust that I had in them. Apple doesn’t deserve to get away with this,” he stated. According to the Washington Post, Christodoulou filed a report with the Federal Bureau of Investigation.
Following notification from Trezor, Apple removed the fake Trezor app several times, but it kept appearing on the App Store days later.
To our Readers, we HIGHLY recommend you never store all your crypto in one wallet, diversity is key in-terms of safety when it comes to your crypto-currency. Many wallet applications allow you to create multiple wallets with unique seeds such as Trust Wallet or Meta Mask
The crypto community is somewhat divided on whether Apple should be blamed for the accident. “This is a f*cking nightmare. Scammed by a fake Trezor app in the ‘curated and safe’ Apple App Store,” crypto investor Scott Melker said on Twitter. Jameson Lopp, co-founder of crypto custody platform Casa said, “Stop entering seed phrases into software. Only enter seeds into dedicated Bitcoin hardware devices.”
Fake cryptocurrency wallet and trading apps have appeared on the App Store before. United Kingdom-based crypto intelligence company Coinfirm said that five people have reported having their crypto stolen by a fake Trezor app on iOS, with total losses estimated at $1.6 million.
Trezor has also warned users about fraudulent doppelgänger apps on the Google Play Store.
It may be a good idea to consider deleting applications that you do not use on your devices ( Android, iOS, iPad/Tablets etc ) that you do not trust or have not used in some time, as with the google chrome extension app store, applications that were once owned by reputable sources can be sold or change hands and suddenly injected with malicious code like mining software, it’s our belief here at Crypto Overseer that it’s only a matter of time before applications get more sophisticated at theft such as searching your phone for text files to steal in attempt to get your seed keys or simple key-logging. Is it really worth having bloated apps on your device at the potential expense of your security?
